NB Plc increases dividend payout by 108% in 2007 FYE

NB Plc increases dividend payout by 108% in 2007 FYE

-set to give investors N2.50 Kobo

 

PETER OBIORA

Proshare NI

May 05, 2008 at 16:19 GMT

 

Foremost Nigerian brewing company, Nigerian Breweries Plc, (NB PLC) has increased its dividend payout by 108.33 percent as it has proposed to give investors a N2.50 Kobo per share dividend in the 2007 Financial Year End (FYE).

 

Michael Herkemij, Managing Director/Chief Executive Officer (MD/CEO) of the company confirmed this today in Lagos Nigeria at the company’s presentation of “Facts behind the Figures” at the Floors of the Nigerian Stock Exchange (NSE).

 

The company gave investors N1.20 Kobo dividend payout for the 2006 FYE compared to the N2.50 Kobo proposed for the 2007 FYE indicating a 108.33 percent increase.

 

Nigerian Breweries having paid an interim dividend of N4.159 billion; at 55 Kobo per share in October, 2007 and proposed another N18.906 billion at 195 Kobo per 50 Kobo share; therefore,  total dividend for the year would be N2.50 Kobo per share.

 

If the proposed dividend is approved at the 62nd Annual General Meeting (AGM) of the company coming up on May 28, 2008, dividend warrants will be posted on May 29, 2008 to all shareholders whose names appear in the Company’s Register of Members at the close of business on April 14, 2008.

 

A review of performance of the company in the period under review shows that NB Plc recorded an unprecedented Turnover of N111.75 billion in year 2007 compared to N86.32 billion recorded in year 2006 indicating an increase of 29 percent.

 

Profit before Tax (PBT) of the company grew from N16.44 billion in 2006 to N27.88 billion in year 2007 showing a growth of 70 percent. While Profit after Tax (PAT) in the period under review rose from N10.90 billion in year 2006 to N18.94 billion in year 2007 indicating a rise of 74 percent.

 

In the same vein, Operating Profit of NB Plc also increased from N16.95 billion in year 2006 to N27.36 billion representing an increase of 61 percent in the period under review.


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